The firm exhibits a consistent negative free cash flow trajectory, with quarterly outflows reaching $18.3 million in 2025Q3, driven by aggressive drilling programs that frequently exceed accounting losses.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -32.25M | -21.14M | -28.99M | -19.66M | -8.08M | -6.18M | -5.7M | -8.75M | -6.24M | -3.92M | -2.56M | -3.82M | -1.05M | -1.04M | -119.92K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -52.54% | 27.06% | -47.43% | -143.22% | -30.73% | -8.54% | 34.87% | -40.2% | -59.23% | -53.15% | 33.07% | -264.77% | -0.98% | -765.53% | - |
| Net Income | -31.71M | -20.65M | -26.65M | -19.27M | -8.2M | -7.28M | -4.97M | -8.38M | -6.27M | -4.97M | -3.56M | -5.37M | -2.28M | -4.81M | -144.73K |
| Depreciation & Amortization | 36.53K | 48.06K | 54.89K | 61.97K | 37.04K | 17.52K | 20.14K | 18K | 15.21K | 19.29K | 37.87K | 58.44K | 2.85K | 0 | 0 |
| Stock-Based Compensation | 0 | 2.6M | 1.97M | 1.79M | 1.28M | 659.1K | 373.25K | 768K | 559.58K | 1.39M | 147.09K | 52.03K | 750.73K | 1.49M | 643 |
| Deferred Taxes | 306.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.37M | -4.3M | -3.66M | -2.41M | -1.04M | -150.73K | -800.84K | -892.72K | -544.55K | 68.74K | 348.95K | 2.38K | -27K | 1.85M | 0 |
| Working Capital Changes | 1.49M | 1.16M | -705.17K | 175.52K | -157.79K | 568.54K | -314.89K | -259.59K | 526 | -431.97K | 471.96K | 1.44M | 507.25K | 435.72K | 24.18K |
| Change in Receivables | -1.07M | 899.71K | -834.92K | -35.83K | 297 | 469.82K | 9.55K | -205.15K | 96.76K | -89.86K | 59.87K | 1.44M | 317.08K | 334.29K | -10.63K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.81K |
| Cash from Investing | 1.88M | -2.29M | -14.13K | -6.24M | -199.58K | -172.1K | -1.38K | -164.21K | -102.33K | -39K | -193.33K | -274.33K | -4.69M | -3.67M | -31.95K |
| Capital Expenditures | -238.36K | -173.72K | -14.13K | -6.24M | -199.58K | -172.1K | -1.38K | -164.21K | -102.33K | -91K | -193.33K | -233.33K | -4.59M | -3.6M | -31.95K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 71.21K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52K | 0 | -41K | -103.75K | -141.03K | 0 |
| Cash from Financing | 59.38M | 45.51M | 10.49M | 38.92M | 118.75K | 26.18M | 6.96M | 5.6M | 7.55M | 8.41M | 1.41M | 5.3M | 4.83M | 3.8M | 25K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5M | 1.41M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 59.38M | 44.19M | 9.93M | 38.57M | 0 | 25.19M | 6.96M | 4.2M | 7.77M | 10.23M | 0 | 5.77M | 5.22M | 3.9M | 25K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 1.32M | 559.04K | 350.04K | 118.75K | 985.52K | 0 | 1.4M | -227.04K | -315.88K | -398 | -469.57K | -390.11K | -106.37K | 0 |
| Net Change in Cash | 30.47M | 22.08M | -18.51M | 13.02M | -8.17M | 19.82M | 1.26M | -3.31M | 1.2M | 4.46M | -1.35M | 1.2M | -911.52K | -913.6K | -126.86K |
| Free Cash Flow | -32.26M | -21.32M | -29M | -25.9M | -8.28M | -6.36M | -5.7M | -8.91M | -6.34M | -4.01M | -2.75M | -4.06M | -5.64M | -4.64M | -151.87K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -51.33% | 26.49% | -11.96% | -212.7% | -30.33% | -11.53% | 36.06% | -40.52% | -58.17% | -45.7% | 32.15% | 28.06% | -21.51% | -2955.53% | - |
| FCF per Share | -0.38 | -0.07 | -0.11 | -0.12 | -0.06 | -0.06 | -0.08 | -0.18 | -0.16 | -0.17 | -0.15 | -0.26 | -0.45 | -0.54 | -0.34 |
| FCF Conversion (FCF/Net Income) | 1.02x | 1.02x | 1.09x | 1.02x | 0.99x | 0.85x | 1.15x | 1.04x | 1.00x | 0.79x | 0.72x | 0.71x | 0.46x | 0.22x | 0.83x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 116.6K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Exploration funding and dilution
As reported in financial statements, DVS consistently records operating cash outflows that exceed net losses, with the OCF/NI ratio reaching 1.31 in 2025Q3, suggesting that the company's cash-based exploration expenditures are significantly more aggressive than the accounting losses recognized on the income statement during active drilling periods.
The persistent gap between net income and operating cash flow indicates that the company's true economic cost of operations is higher than its reported accounting losses. Investors should monitor this divergence, as it suggests that non-cash items are not sufficient to offset the heavy cash requirements of the Kitsault Valley exploration program.
According to recent SEC filings, DVS maintains a consistent negative free cash flow trajectory, with quarterly outflows peaking at $18.3 million in 2025Q3, reflecting the company's status as a pre-revenue explorer that relies entirely on its treasury to fund intensive seasonal drilling and logistical operations.
The absence of positive free cash flow is expected for an exploration-stage entity, yet the magnitude of these outflows warrants caution regarding the sustainability of the current burn rate. The trajectory appears tied to seasonal exploration intensity rather than operational efficiency, implying that cash depletion will remain the primary trend until a production decision is reached.
Based on reported figures, Dolly Varden Silver exhibits significant quarterly fluctuations in working capital, with changes ranging from a $3.2 million inflow in 2025Q2 to a $2.7 million outflow in 2024Q4, highlighting the impact of seasonal exploration logistics and timing of vendor payments on the company's liquidity.
These swings in working capital appear to be a function of the company's project-based cost structure rather than operational mismanagement. Analysts should interpret these movements as temporary timing differences in exploration spending, though they complicate the predictability of the company's quarterly cash burn.
As indicated by financial disclosures, the company utilizes stock-based compensation, which reached $1.1 million in 2024Q2, to preserve cash, effectively shifting the burden of exploration funding from immediate cash outlays to long-term shareholder dilution, a strategy that obscures the true cost of maintaining the current exploration pace.
While this approach protects the $61 million cash balance, it creates a hidden cost for shareholders that is not captured in traditional cash flow metrics. Investors should consider the cumulative impact of this equity-based funding model, as it may lead to significant dilution if the company remains in the exploration phase for an extended period.
Quick answers to the most common questions about buying DVS stock.
Dolly Varden Silver Corporation (DVS) generated $-32.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dolly Varden Silver Corporation (DVS) reported negative free cash flow of $32.3M in 2025, indicating capital requirements exceeded cash from operations.
Dolly Varden Silver Corporation (DVS) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.